Western Union’s exchange rates are usually better than the banks, but there may be fees that can make certain transfers more expensive. They are not a bank, but their foreign exchange services are similar to the ones offered by the major banks. Western Union is a financial services company that specializes in letting users transfer money internationally. Instead, the mid-market rate is generally used as a benchmark. You will be paying the forex spread when you buy and sell foreign currencies, and you will not be able to buy or sell at the mid-market rate. This means that the forex spread is the amount of money that your bank or broker would make. The mid-market rate is the price in-between the bid (buy) price and the ask (sell) price. The ask price is the rate at which your broker or bank is willing to sell currency, while the bid price is the rate at which they are willing to buy it from you. The foreign exchange spread, also known as a bid-ask spread, is the difference between buying and selling foreign currency using CAD. This is known as a foreign exchange spread. That’s because you will be buying at a slightly higher price and selling at a slightly lower price. Instead, a percentage of the transaction is taken out each time you exchange currencies. The Foreign Exchange Spread: If you exchange CAD for USD and then convert it back to CAD, you will not have the same amount that you started with. The foreign exchange (forex) rate that you see from your bank is influenced by the forex exchange spread and the type of transaction that the currency conversion is for. Some banks may also charge additional fees to non-clients purchasing foreign currency. This means having a bank account or credit card with them. Some banks require you to be a client in order to use the bank’s currency exchange services. However, banks are reliable, accessible, and easy to use. The opposite is also true if you are buying Canadian Dollars with a bank. This means that if you are buying a foreign currency, you will be paying more Canadian Dollars to receive less foreign currency. Banks will typically have a worse exchange rate compared to the actual market rate. One way that you can convert Canadian Dollars (CAD) into a foreign currency is by using a bank. Please verify/confirm currency rates with your forex broker or financial institution before making international money transfers and transactions.The “Big 5” are Canada’s 5 largest commercial banks: RBC, TD, Scotiabank, CIBC, and BMO. Printable Version – Are you traveling and want to plan for the currency conversions in the country of destination? This currency tool comes with a printable version for any currency pairs.Ĭurrency.wiki exchange rates are for informational purposes only. Numeric Format – The currency converter also comes with the option of choosing decimal separator and thousands separator.
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Real-Time Data – The tool captures the up-to-date rates for any conversions to avoid any surprises. Quick Calculations – With this calculator, you can enjoy immediate results on the fly. You can choose any currency and convert it without any hassles.
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Whether it is the euro, pound, yen, or dollar, this tool can serve as an immense solution for those wanting to have factual information in hand instantly.